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CONTRACT OF USUFRUCT

KNOW ALL MEN BY THESE PRESENTS:

This Contract of Usufruct is made and entered into, by and


between:

CORPORATION, a corporation duly organized and existing


under and by virtue of the laws of the Philippines, with
principal office address at
_________________________________________________, herein
represented by its President, _____________________,
hereinafter referred to as the “OWNER”;

-and-

____________________________________, a general professional


partnership, with office address at
____________________________________________________________,
herein represented by its Managing Partner,
________________________, hereinafter referred to as the
“USUFRUCTUARY”;

WITNESSETH: That,

WHEREAS, the OWNER is the registered and absolute owner of a


condominium unit located at __________________________________________,
(hereinafter collectively referred to as the “Subject Property”);

WHEREAS, the OWNER is willing to grant to the USUFRUCTUARY


the rights to use and administer a portion of the
____________________________________________________________, consisting
of Three Hundred (300) square meters, more or less, (hereinafter
collectively referred to as the “Subject Property”), under such terms and
conditions as herein under provided;

NOW, THEREFORE, the Parties agree as follows:

1. The OWNER grants to the USUFRUCTUARY the rights to use,


administer and enjoy all natural, industrial and civil fruits of the Subject
Property. In consideration of the rights granted to the USUFRUCTUARY,
the USUFRUCTUARY is obligated to preserve the form and substance of
and to take good care of the Subject Property, without any further
consideration.

2. The USUFRUCTUARY may introduce improvements on the


Subject Property provided its form or substance be left unaltered, but
the USUFRUCTUARY have no right to be indemnified therefor. The
USUFRUCTUARY may, however, remove such improvements, if possible
to do so without causing damage to the Subject Property.

3. The USUFRUCTUARY is obligated to make ordinary repairs


upon the Subject Property or those which are required by the wear and
tear due to the natural use of the Subject Property and which are
indispensable for its preservation.

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4. The relationship of the Parties, as well as their rights and
obligations, not herein provided shall be governed by the New Civil Code
of the Philippines, insofar as not inconsistent herewith.

5. The usufruct constituted herein in favor of the


USUFRUCTUARY over the Subject Property shall take effect upon the
execution of this Contract and shall continue to exist, unless sooner
extinguished by causes provided by law.

IN WITNESS WHEREOF, the Parties have signed these presents


this ____________________ at _________________.

CORPORATION
(Owner) (Usufructuary)

By:

(President) (Managing Partner)

Signed in the presence of:

____________________ ____________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )


) S.S.

BEFORE ME, a Notary Public for and in _____________________, this


________________, personally appeared,

Name Passport No. Date/Place Issued

_________________________ (as
President of ____________________)

________________________________ (as
Managing Partner of ___________________)

personally known to me the same persons who executed the foregoing


instrument and they acknowledged to me that the same is their free and
voluntary act and deed. This instrument refers to a Usufruct consisting
of Two (2) pages, including the Acknowledgement page, and is signed by
the parties and their instrumental witnesses.

WITNESS MY HAND AND SEAL on the date and at the place first
written above.

Doc. No. ;
Page No. ;
Book No. ;
Series of 2015.

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